Strong revenue beats hide soft volume in exceptional price-hike environment

Delivered ₹1810.7 Cr, +23.5% YoY exactly as stated

Delivered ₹130.3 Cr, +76.4% YoY; NPM 7.2% vs 5% prior year

Electronics +22.8%, Electricals +27.7%, Consumer Durables +19.2%, Sunflame +18.3%

1.09 × 1.14 = 24.3% mathematical; stated 23% blended; aligns with revenue +23.5%

Held steady; achieved via 75-80% price pass-through + 65%+ own manufacturing

₹191 Cr / ₹1810.7 Cr = 10.55%; exceeds 9-10% full-year guided range

From ₹200-250 Cr (implied prior) to ₹150-170 Cr annually; reflects capex efficiency as category investments plateau

Prior was 15%+; now >15%; maintains guidance. Q1 +23.5% sets high bar but price-driven (14% of 23.5%)

Q1 delivered 10.5% margin vs long-term aspiration; full-year guidance 9-10% signals Q1 exceptional, not recurring

Q1 9% soft but attributed to unprecedented price shock; management expects normalization to 10-12% long-term

80-85% pricing actions complete; price growth 14%, volume growth 9% blended; raw materials stabilized or normalizing, some commodities remain elevated

75-80% of inflation passed through by June; largely through in quarter; smaller categories still need pricing; confident holding margin

South best across all states, West decent, North/East worst (rain, disruptions); seasonal impact not structural; North summer products failed due to weather

Fans grew well (pedestal TPW strong in South); lost sales due to inventory shortage; ceiling fans soft (star-rating impact Q4); kitchen strong; air coolers weak in North due to weather and competitor pricing delay

Unusual quarter: shifted from 80-20 import-domestic mix to 95-5 domestic (West Asia war blocked imports, shipping expensive); domestic suppliers provide credit vs LC import payments; will normalize

18 months into solar, focusing B2C rooftop; next-gen battery launching in 2-3 months; small B2G solar pump business (₹2 Cr Q1); bulk will remain B2C; no specific numbers per policy

Weather-driven; aggressive pricing transmission done faster in South due to stronger brand equity; East/North impacted by monsoon and season; pricing corrections ahead of competitors

Revising down to ₹150-170 Cr annually for next 2 years; new categories don't warrant higher capex; capex efficiency improving

Very high price growth, negligible volume (customer deferral due to price shock); margins held well; new entrants will impact unorganized sector, not major threat in first 1-2 years given brand and distribution moats

Revenue >15% (from 15%+, modest upgrade); maintain 9-10% EBITDA margin; things still volatile, can't commit higher

Mix of both; 2-3 categories incubating always (fans, inverter battery, kitchen matured); solar incubating; lighting launching FY27; will replicate South distribution depth in other markets

Two parts: solar rooftop and BESS within it; government incentives enable 3-4 year payback; only 8 states implementing; huge upside as more adopt; average price ₹1.5-2 Lakh per house, 100k customers = ₹100+ Cr potential

Integration complete; Q2+ NPD impact expected; focused on reach expansion (general trade, organized retail); margin recovery gradual vs top line; 3-5 year plan to restore pre-acquisition financial health; kitchen business scale to ₹1000+ Cr

Beyond stabilizer (leader), top 3-4 in water heaters, domestic wires, domestic pumps; decent presence in these

Solar growing faster (smaller base); stabilizers, UPS, inverters all positive; ex-solar and ex-wires also double-digit; won't give category numbers per policy

Yes, high double-digit growth ex-wires in Electricals segment; strong inverter battery and other items growth

Volume growth priority first; margin growth dependent on pricing transmission (slower in channels like CSD); 3-5 year plan to restore financial health; kitchen business scale to ₹1000+ Cr

Margin driven by category mix and own manufacturing (65%+); continue aggressive on conversion cost efficiency and sourcing benefits; no risk seen; will offset any inflation and pricing challenges

Costs driven by outsource-to-insource shift and capability building (tech, systems, processes, enterprise scale); extended investment phase will last 2-3 more years before plateau; now well-progressed, should yield long-term benefits

Exceptional 4-5 months of inflation; 9% delivered despite 12-14% price shock; normally 10-12% volume + 2-3% price = 15% target; this year >15% due to price component being unusual

No precedent for 12-14% price increase at portfolio level over 4 months since 2006; unprecedented shock; unheard of

Already delivered double-digit margin this quarter; let's wait and see following quarters; should be okay on margins this year

Difficult to forecast CAGR with volatility; already indicated FY27 >15%; can't commit beyond that

Moved from R&D to commercialization (8-9 months); commercial supplies started to small customers; will source batteries for V-Guard consumer market; Gegadyne has own plans beyond V-Guard (auto, other sectors)

Kitchen performed well last 5-6 months; uptick seen; new energy from V-Guard-Sunflame integration; dynamism returning to kitchen space; price inflation ahead but encouraging now

Stick to segment margin guidance

Wire business commoditized; can't differentiate on design, material, finish; tight specs required; once price war starts, can't end it; lose-lose for all

2.5% for full FY27; Q1 low due to March geopolitical uncertainty (gas supply concerns, demand concerns); started spending May 15 onwards; will hit 2.5% full year; budgets fixed on January prices, not revised due to uncertainty

Maintained from prior 15%+; Q1 +23.5% largely price-driven (14% of 23.5%); volume 9% vs 10-12% target soft

Maintained. Q1 achieved 10.5% (exceptional); full-year guided 9-10% signals Q1 unsustainable

Q1 delivered 10.5%; milestone reached early. Sustainability contingent on commodity normalization and volume recovery

Revised down from prior ₹200-250 Cr; reflects capital efficiency as categories mature and investments plateau

12-14% price hikes over 4 months unprecedented since 2006; if commodities reverse, both demand and margin at risk; currently some stabilized, others elevated

Volume growth 9% vs 10-12% prior guidance; wires showing negligible volume with clear customer postponement; construction sector deferrals possible

South +36.7% vs non-South +12%; only 1/4 of country had good summer; North/East impacted rain and monsoon; South market share already high

Solar rooftop 18 months into market, B2C focused; BESS next-gen battery launching 2-3 months; lighting just launched FY27; no quantified category targets

Sunflame +18.3% Q1 growth; integration complete but margin recovery 'gradual' vs top-line; channel pricing transmission slower (CSD, general trade); 3-5 year financial health restoration plan

Wire business commoditized; new entrants expected festive season launch; management confident in moat but acknowledges 1-2% market share impact over 1-2 years possible